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ORBITRAONE™

Markets · Options

Every structure priced, every Greek in view.

Calls, puts and multi-leg strategies on one ticket. The volatility surface, the Greeks and a scenario grid sit beside the order, on the same margin graph as your futures and spot.

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Illustration: An implied-volatility smile is drawn across strikes, with the Greeks of the selected strike shown beside it.

Overview

Direction, time and volatility in one instrument

An option prices more than direction. Its value depends on time to expiry, on the level and shape of implied volatility and on the path the underlying takes. Understanding a position means seeing all of these at once — and seeing them again for the whole portfolio after the trade.

On ORBITRA ONE™ each strategy is entered, priced and risk-checked as a single package. Aegis aggregates Greeks and scenario losses across options, futures and spot, and every leg of a structure executes together on ApexMatch or through an accepted RFQ quote.

Capabilities

The options toolkit

  1. 01

    Calls and puts

    Listed series across strikes and expiries, with exercise style and settlement terms defined for each series.

  2. 02

    Strategy tickets

    Verticals, straddles, strangles, butterflies, condors and custom structures entered as one ticket and priced as a package.

  3. 03

    Volatility surfaces

    Implied volatility by strike and expiry, with skew and term structure drawn from the order book and Prism reference data.

  4. 04

    Greeks

    Delta, gamma, vega and theta per leg, per position and for the whole portfolio, updated as the market moves.

  5. 05

    Scenario and stress

    Revalue the portfolio across price, volatility and time shocks, before and after a proposed trade.

  6. 06

    RFQ for structures

    Request quotes on complex multi-leg packages from liquidity providers; an accepted quote fills every leg in one transition.

Lifecycle

The life of an options strategy

  1. 01

    Select

    Choose individual series or start from a defined-risk template.

  2. 02

    Price

    Theoretical value, implied volatility and Greeks appear for each leg and for the package.

  3. 03

    Simulate

    Aegis calculates margin, maximum loss where it is defined and a scenario grid for the post-trade portfolio.

  4. 04

    Execute

    The package fills on the book or through an accepted RFQ quote, with all legs settled together.

  5. 05

    Manage

    Greeks stream continuously, and optional automated hedging keeps exposure inside the limits you set.

  6. 06

    Expire

    Exercise, assignment or cash settlement follows published rules against the Prism reference price, with a signed record.

Protection

Controls built around convexity

Selling options can create losses far larger than the premium received. These controls keep that exposure visible, and bounded where you choose.

  • 01

    Defined-risk templates

    Vertical spreads, butterflies, condors and collars, each with its maximum loss stated before submission.

  • 02

    Automated hedging

    Delta hedging runs inside explicit limits on size, frequency and instruments, and stops when a limit is reached.

  • 03

    Scenario-based margin

    Margin on short options reflects price and volatility scenarios across the portfolio, not a flat percentage of notional.

  • 04

    Expiry rules

    Exercise thresholds, settlement timing and reference sources are published for each series before it trades.

  • 05

    Price reasonability

    Orders priced far outside the theoretical range are rejected before they reach the book.

Order types

Order types for options

Multi-leg tickets and RFQ are native to the options book. The full order language is described under execution.

Core

  • Market
  • Limit
  • Stop-limit
  • Post-only
  • Reduce-only

Advanced

  • OCO
  • Bracket
  • Iceberg
  • Pegged

Algorithmic

  • TWAP
  • Arrival price
  • Liquidity seeker

Institutional

  • RFQ
  • Block
  • Basket
  • Conditional spread

Specifications

Specifications

Instruments
Calls, puts and multi-leg strategies on listed series
Pricing view
Implied-volatility surface, skew, term structure and Greeks per leg and portfolio
Execution
Order book for single legs and packages; RFQ for complex structures
Margin
Scenario-based, portfolio-aware margin in Aegis, shared with futures and spot
Expiry
Exercise, assignment or cash settlement under published rules
Risk tools
Scenario and stress analysis, defined-risk templates and automated hedging

Options involve leverage and complex risk, and access depends on jurisdiction and account eligibility. Review the trading and leverage risk disclosure and jurisdictions before trading.

Other markets

Markets overview

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